NCUA's 4 permanent funds receive 'clean' audits

The National Credit Union Administration announced that its four permanent funds have again received “clean” (i.e., unmodified) audit opinions for 2016, according to audited financial statements released by the Office of the Inspector General.

The financial statements, which were reviewed by the independent auditor KPMG LLP, cover the National Credit Union Share Insurance Fund, the agency’s Operating Fund, the Central Liquidity Facility and the Community Development Revolving Loan Fund.

As of Dec. 31, 2016, the Share Insurance Fund held more than $12.8 billion in total assets.

KPMG has completed the audits of all four permanent funds and expects to complete its audit on the 2016 financial statements for the Temporary Corporate Credit Union Stabilization Fund by February 28.

“I appreciate the work NCUA staff performs to manage the agency’s permanent funds in a prudent manner,” NCUA’s Acting Board Chairman J. Mark McWatters said in a statement. “Annual audit reports have reinforced the confidence in that management, and NCUA will continue to make complete financial reports available as part of our ongoing commitment to transparency.”

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